The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-08-26
0uLLNsss OF WOOL.
1te Fleece the Deadest Thing Extast
Above 6roand. 80
June Funerals II Wool Give Birth
% . Characteristic Beoun-
0rswcrs Pleased.

0H,caco, ILL, August ga morn.
ing paper says: Wool is dull, and
thss is to ssy that wool lie the desdsst
thing extant above ground. The
month OF June, which is distinguished
for the funerals Of several speculative
deals, gave birth to very lively and
characteristic boom In wool. Boston
dealers had made up their minds not
10 let the bold Chicago buyers repeat
their triumphs Of last year, and &C.
eordinsly had their agents early In the
country offering farmers from 1 to
5 cents moro for their fleecss than
was warranted by the market prices
then prevailing. Wool growers we're
delighted with the situation. There
was shout that wool was too low.
Estimates were produced showing n
shortage In the domestic clip OF from
10 to 20 per cent on account of A a.
we're winter In the territories, and
drought In other sections. The Aus.
ualian and European clips were also
reported short, and aDuiacturers
were known TO be but lightly stocked.
Inc statistic situation seemed Ia favor
oil higher prices, and the honest farm
or who had aot kept track OF statistics
allowed his clip TO slip through his
hands at several cents per pound bs- |
low on the expected price. For
shree or lour weeks everybody that |
had q dollar to invest went wool gath.
ering. Local spectators and buyers.
most oil them merchants with 40. |
counts sgainst the farmers, quickly
heard oil the bright outlook for wool, |
ana contracted for every aeece,
vhether sheared or still on the sheep's
back, that could be found In the
neighborhood. Thus this years clip
passed in lew weeks from what is
Known In the trade as fret hands.
Essiern and Chicago and II. Louis
dealeIs had bought literally, but the
great bulk Of the clip was CAPT ured BY
local buyers, and In their hands 4
still reels. Meantime, In the wool
market proper, the place where manu-.
facturers buy their raw material, there
were no Developments. Manu-
iasturers did not seem to want wool at
any price. Furthermore, the courte
oil London prices did not Indicate any
lear oil shortage In the old world !
production OF wool. Under these cir.
sumstancss, nothing but stubborn
ness would keep prices up. Early In
July manufactures bought a little,
snu in order 10 catch their orders
dealers nade CONCESSIONS, and prices
began TO sag. For six weeks there
has been no change In the situation.
except Inst prices Rave been weaken.
Ing steadily, and are now from 2 TO s
cents Per pound lower than In June.
manufacturer are buying but small ,
amount, claiming that there Ia no ,
shhnce Tor profit In the WOODEN goods
market The bulk OF this yeer's clip
. still In the county, aud the holders
decline TO part with an ounce Of Il At
he reduced prices, prsferring 20 hold +
j indefinitely rather than take loss
of u 10 per cent. As country :
oanhs are willing lenders on wool a ,
the holders are In strong ,
position. Consequently things are at
. "suutui' inc ssce,r'e =. 'S.s yoins
Tor the first seven months OF 1887
hsye been less than II, 600, 900 pounds,
. decresse Of over 10000, 900 com.
pared with last years receipts. There
u falling Oh In receipts ct Eastern
points. bnl not 30 great proportionate-
y a. here, Eastern dealers having
bought more heavily, and, Il Ia said.
more rashly In June than the Chicago
non. The WOOL interest," OF Chicago,
lot outstanding this years light TO. Z
'eip's, have not suffered In comparl. d
ION with other wool cen,era. Chicago Q
deslers undoubtedly hold some Of the y
nigh priced woods, but not enough 10 !
Isop them from chuokling when they Y
'hink how the honest farmer has I
pron1ed i .ae expense Of the rssh D
anal nfeeox II ,slonfana n